IE Business Daily Business news for the Inland Empire.
Riverside’s general fund is headed for a fall.
Revenue is expected to drop by $8.1 million and $9.1 million during the next two fiscal years respectively, according to a statement on the city’s website.
During that time, spending is expected to increase by $19 million in fiscal year 2026/27 and $25 million in 2027/28.
“Riverside maintains a strong financial position with record reserves, but faces increasing uncertainty driven by slowing revenues and rising costs, calling for prudent but immediate action,” the statement reads.
The budget proposes reductions in property taxes, sales taxes, utility users’ taxes and franchise fees, among other departments. At the same time, Riverside will have to deal with increases in payroll, healthcare and benefits costs, pensions, claim liabilities, and critical needs.
Reserve funds will mostly be left alone as a safeguard against a more severe economic downturn.
“This budget represents hundreds of hours of work by city staff and reflects important input from our community, both in person and through an online survey,” City Manager Mike Futrell said in the statement. “City finances remain strong, and the measures proposed in this budget will keep them that way.”
The city council is scheduled to consider the budget on May 19, with a final vote schedule for June 23.
Be proactive. Cut staff before the crisis hits. But that’s not an option for idiotic government officials.
I agree. Work within the budget you have, not tax and spend the citizens hard earned money. Some so called “services” need to be realined with actual need, not just to create and fill city employee payrolls. Or even worse, fund so called NGO’s coffers.